Share Market Live Updates: Sensex, Nifty may stage gap-up opening today on positive global cues

Indian equity benchmarks on Thursday may stage a positive opening amid positive global cues. Trends on SGX Nifty indicated a gap-up opening for the domestic markets.

Asian shares made broad gains today, extending an overnight global rally, while oil prices steadied at levels not seen since before Russia’s invasion of Ukraine. Russia invaded Ukraine on February 24 this year.

Oil prices recovered slightly from an overnight plunge but remained below $90 a barrel for the first time since early February. U.S. crude ticked up 0.88 per cent to $82.66 a barrel, while Brent crude rose 0.70 per cent to $88.62 per barrel.

Here are the stock market Live updates:

* Currency update: “The rupee has remained the best performer for the past three weeks as the pair has weakened merely by 0.80 per cent vs other global and Asian peers. RBI’s foot into currency intervention, inflows, and subdued oil prices have prevented the USD-INR pair to flow in line with global fundamentals so far. That apart, the talks about India’s inclusion in JP Morgan’s global bond index would open up prospects for further inflows into the Indian bond market. However, if the rupee is kept overvalued compared to the Chinese yuan and other EM’s by using reserves and interventions, it will lead us to lose competitive advantage and make the exports less appealing. Nevertheless, as long as 80.10 is protected, selling above 79.90 is advisable. On the flip side, the near-term bottom for the pair seems to be around 79.40-79.20 levels which are less likely to be taken out,” Amit Pabari, MD, CR Forex.

* Why crude is falling? Oil prices are now down more than 20 per cent since the beginning of August, fuelled by fears of a slowdown in China and policy tightening by the US Federal Reserve and other central banks.

* Fed chief’s speech: Markets are awaiting a speech by US Federal Reserve Chairman Jerome Powell later today for signs of any let-up in the central bank’s hawkish approach to tackling inflation.

* Stocks to watch: Tata Power, Bharti Airtel, Adani Green, TCS, IndiGo, Aditya Birla Fashion and Zydus Lifesciences

* SGX Nifty: Trends on SGX Nifty indicated a gap-up opening for the domestic markets. The Nifty Futures on Singapore Exchange also known as the SGX Nifty Futures rose 122.5 points or 0.69 per cent to 17,753.

* Previous session: The 30-share BSE Sensex had slipped 168 points or 0.28 per cent to close at 59,029 on Wednesday; the broader NSE Nifty had moved 31 points or 0.18 per cent lower to settle at 17,624.